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Monday, 07 November 11
CHINA'S COAL IMPORTS STEAM AHEAD
 Chinese seaborne coal imports have grown greatly in recent years, up from 39.2mt in 2008 to 167.7mt in 2010, with the result that China became a net coal importer in 2009.
Chinese seaborne steam coal imports equated to less than 5% of Chinese coal consumption in 2010. Despite this, China is now the world’s second largest steam coal importer, accounting for 13.7% of seaborne imports in 2010. Thus, any changes in China’s import volumes will have a major impact on the global seaborne steam coal trade.
The existence of a pricing arbitrage between domestic and international coal prices was the catalyst for the upturn in Chinese coal imports. In 2010, higher domestic prices led Chinese consumers to source more coal from the international market, where the price was lower. As the Graph of the Month shows, in January 2010, the price of Indonesian steam coal (spot price + freight) was $39 per tonne cheaper than the Chinese domestic price (spot price + coastal freight) in south China. As a result, China imported an average of 9.0mt per month in Q1 2010, compared to just 1.2mt in the same period of 2009.
However, during the first quarter of 2011, a reduced average of 5.4mt of coal was imported by China. This reflects a higher global coal price (up to $139 per tonne), which made domestic coal a more cost-effective option.
Other Factors
Since April this year, Chinese domestic steam coal prices have risen and now exceed international prices. Thus, Chinese imports reached 12.0mt in September, the largest volume on record.
Other factors, in addition to pricing, support this short-term movement towards coal imports. Firstly, there are fears about potential power shortages, following a sharp decline in hydroelectricity output (down 11.2% and 14.9% y-o-y in July and August respectively). Secondly, it is likely that there will also be heightened demand for coal for power generation, due to the onset of winter. The price arbitrage should stimulate imports, as should reports that the central government will lower taxes and port charges on imported coal.
Potential Limitations
In the medium-term, Chinese domestic coal production may be limited if the government drive for better mine safety leads to mine closures. However, this may not inevitably lead to heightened seaborne imports. Production in countries like Mongolia and regions like Inner Mongolia has been ramping up recently and a railway expansion programme, due to be completed in 2015, will facilitate large-scale coal exports from these areas.
However, it is important not to understate the long-term impact of Chinese demand on seaborne coal trade even though most coal currently consumed by China is produced domestically. Even if seaborne import’s share of Chinese coal demand were to increase by just 2% percentage points over the course of the next decade to stand at 5%, then(assuming long-term demand growth of 2.5%), this would equate to an extra 100mt of annual seaborne import requirements.
In the long-run, any developments along this line would offer a considerable upside for dry bulk trade.
Source: Clarksons / Hellenic Shipping
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Wednesday, 26 October 11
INDIAN MARKET WAS REMAINED TIGHT THE WHOLE LAST WEEK - BRS
The market once more seems to be at a crossroads. The indices last week remained fairly stable (except for the Panamax sector), ending the week as f ...
Tuesday, 25 October 11
DRY BULK MARKET STEADY, ANALYSTS LOOKING FOR ADDED PRESSURE ON THE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was unchanged on Monday, with the industry’s benchmark, the BDI (Baltic Dry Index) ending the session at 2,153 points, exa ...
Monday, 24 October 11
NEW HEAD OF INDONESIA'S MINING MINISTRY GETS RAKED OVER THE COALS - JOSEPH KIRSCHKE
COALspot.com - Following Indonesia’s presidential cabinet shakeup last week, many are questioning the qualifications of Energy and Mineral Res ...
Monday, 24 October 11
CHINA QINHUANGDAO COAL PRICE RISES TO HIGHEST IN THREE YEARS - BUSINESSWEEK
Business week reported that, China’s power-station coal price rose to the highest level in three years as power stations and central heating p ...
Monday, 24 October 11
CAPESIZE RENTAL RATES RISE FOR THIRD DAY AS MORE SHIPS HIRED - HELLENIC SHIPPING
Rates to hire capesize vessels advanced for a third day on signs of increased demand to transport iron ore, used to make steel.Daily rates for the s ...
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- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Planning Commission, India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Videocon Industries ltd - India
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